Terms of Use

Use of any information, data and analytics from this TREPP, LLC ("TREPP") website, http://www.TREPP.com or https://www.TREPP.com or http://www.investcapadvisors.net or http://loanadvisor.trepp.com or http://www.treppreitcafe.com or http://www.reitcafe.com or http://www.trepptrade.com, or http://www.trepp.com/clo (including, without limitation the following TREPP services/products: Trepp CMBS Analytics on the Web™, TreppData Feed™, TreppDerivative™, TreppEngine™, TreppMorning Update™, TreppPricing™, TreppStructuring™, TreppTrade™, TreppWatch™, TreppWeb Services™, TreppWire™, TreppBank Navigator™, TreppBank Navigator™ - Trepp Capital Adequacy Stress Testing, TreppLoan Advisor™, TreppLoan Portfolio™, TreppLoan™, Trepp CLO Analytics™, Trepp OLM™, Trepp SRA™, Trepp REITCafe™, and/or Markit iBoxx Trepp CMBS Indices™), is governed by the "Terms Of Use" provided on this website, and your use of this website and/or any of the TREPP services/products (singly or collectively, hereinafter also referred to as the "TREPP Website", the "Website") is deemed acceptance of these terms. Any use of this Website in violation of these Terms of Use is unauthorized, is expressly prohibited, is a violation of Federal law, and could incur a statutory penalty of $150,000 per violation.

Use of any information, data and analytics from any other TREPP website, http://www.treppdm.com and/or http://www.treppdefaultmodel.com (including, without limitation, Trepp Default Model™, also referred to as TreppDM™ solely for the convenience of reference), is governed by the "Terms Of Use" provided on that applicable website.

Use of any information, data, software and analytics from the TREPP Website is strictly reserved for the sole use of current clients of TREPP, authorized trial users, or other parties specifically approved by TREPP, and their use is further subject to the terms of any other agreements that their institutions have in place with TREPP. Use of any information, data, software and analytics from the TREPP Website requires registration by the user on the TREPP Website.

Unauthorized access to the TREPP Website may subject you to Federal civil and criminal liabilities, which liabilities are separate and distinct from copyright violation. Any user of the TREPP Website is obligated to keep the User Name and Password provided by TREPP confidential, and may be subject to liability under Federal laws for failure to do so.

COPYRIGHT AND LIMITATIONS ON USE

The information, data, software and analytics available through the TREPP Website is the property of TREPP or its information providers and is protected by copyright and other intellectual property laws, including protection as a collective work or compilation. The information, data, software and analytics in the TREPP Website is subject to any registration requirement herein. You agree not to copy, reproduce, recompile, redistribute, retransmit, broadcast, or circulate the information, data, software and analytics received through the TREPP Website, in whole or in part, without the express prior written consent of TREPP, except that the information may be downloaded or printed for your personal, internal use. Except for the dissemination of a limited amount of information available from the TREPP Website to support your primary internal business purposes (such as mention of isolated data in reports to your clients or limited derived calculations based on such information), in no event may you use information available through the TREPP Website for external purposes, including, without limitation, the use of cashflows or other data from the TREPP site in furtherance of any bond issuance, or the creation of a performance index. Any external use of information from the TREPP Website will require the prior written consent of TREPP and payment of an additional fee to TREPP, as may be mutually negotiated between you and TREPP. You agree not to use any information contained in the TREPP Website in any manner that would commercially compete with TREPP.

The framing, mirroring, scraping or data-mining of the TREPP Website or any of its content in any form and by any method is strictly prohibited. You may not access the TREPP Website through spiders, robots or any other software programs or electronic means that perform multiple, automated, successive queries. You may not use any collaborative browsing or display technologies in connection with your use of the TREPP Website, including posting of comments, communications or any other data with the intention that such postings may be viewed by other users of the TREPP Website.

If you are acquiring the information, data, software and analytics on behalf of the United States Government, the following provisions apply: The Government acknowledges TREPP's representation that the information, data, software and analytics were developed at private expense and no part of them is in public domain. The information, data, software and analytics are "Commercial Items," as that term is defined at 48 C.F.R. 2.101, consisting of "Commercial Computer Software" and "Commercial Computer Software Documentation," as such terms are used in 48 C.F.R. 12.212 or 48 C.F.R. 227.7202, as applicable. Consistent with 48 C.F.R. 12.212 or 48 C.F.R. 227.7202-1 through 227.7202-4, as applicable, the information, data, software and analytics (Commercial Computer Software and Commercial Computer Software Documentation) are being licensed to U.S. Government end users (A) only as Commercial Items and (B) with only those rights as are granted to all other end users pursuant to the terms and conditions herein.

THE MATERIAL CONTAINED IN THIS WEBSITE IS COPYRIGHTED BY TREPP, LLC. THIS WEBSITE MAY NOT BE REPRINTED, REPUBLISHED, OR REDISTRIBUTED IN WHOLE OR IN PART WITHOUT THE EXPRESS WRITTEN PERMISSION OF TREPP, LLC. Violation of TREPP's copyright is a violation of Federal law and could incur a statutory penalty of $150,000 per violation.

Use of this Website, all intellectual property issues, and your rights and obligations shall be governed by the laws of the United States of America.

You agree that TREPP's information providers are third party beneficiaries of TREPP's rights under these Terms of Use.

DISCLAIMER OF WARRANTIES AND LIABILITY

NEITHER TREPP NOR ANY OF ITS PROVIDERS OF INFORMATION MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM USE OF THE TREPP WEBSITE, AND MAKE NO EXPRESS OR IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR USE. TREPP DOES NOT WARRANT THE ACCURACY, COMPLETENESS, CURRENTNESS, OR NONINFRINGEMENT OF THE INFORMATION AVAILABLE THROUGH THE TREPP WEBSITE, OR THE TREPP WEBSITE ITSELF. IN NO EVENT SHALL TREPP, ITS INFORMATION PROVIDERS OR THEIR RESPECTIVE AFFILIATES DIRECTORS, OFFICERS, MANAGERS, AGENTS OR EMPLOYEES BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE ON SUCH INFORMATION OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES. YOU AGREE THAT THE LIABILITY OF TREPP ARISING OUT OF ANY KIND OF LEGAL CLAIM (WHETHER IN CONTRACT, TORT OR OTHERWISE), IN ANY WAY CONNECTED WITH THE TREPP WEBSITE OR INFORMATION IN THE TREPP WEBSITE, SHALL NOT EXCEED THE AMOUNT YOU PAID TO TREPP FOR USE OF THE TREPP WEBSITE.

THE INFORMATION PROVIDED THROUGH THIS TREPP WEBSITE IS BASED ON INFORMATION GENERALLY AVAILABLE TO THE PUBLIC FROM SOURCES BELIEVED TO BE RELIABLE. NEITHER TREPP, NOR ANY OF ITS INFORMATION PROVIDERS, REPRESENT OR WARRANT THE ACCURACY OR ADEQUACY OF THE FOREGOING INFORMATION OR ANY OTHER WORK PRODUCT OR PROJECTIONS BASED UPON SUCH DATA OR OF ANY DATA COMPILED BY TREPP OR ITS INFORMATION PROVIDERS IN CONNECTION WITH SERVICES PROVIDED BY TREPP RELATED TO THE DATA PROVIDED HEREUNDER, INCLUDING ANY VALUATION PROVIDED. CERTAIN ASSUMPTIONS MAY HAVE BEEN MADE IN THE ANALYSIS PROVIDED ON THIS TREPP WEBSITE WHICH HAVE RESULTED IN ANY RETURNS DETAILED HEREIN. NO REPRESENTATION IS MADE THAT ANY RETURNS INDICATED WILL BE ACHIEVED. CHANGES TO THE ASSUMPTIONS MAY HAVE A MATERIAL IMPACT ON ANY RETURNS DETAILED. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

ANY ANALYSES, OPINIONS, ESTIMATES, RATINGS OR RISK CODES PROVIDED BY TREPP OR THROUGH THE TREPP WEBSITE ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, AND ARE NOT INTENDED TO PROVIDE, NOR SHOULD THEY BE INTERPRETED AS PROVIDING, ANY FACTS REGARDING, OR PREDICTION OR FORECAST OF, ANY PARTICULAR EVENT OR RISK.

ACCESS TO THE TREPP WEBSITE MAY ALSO INCLUDE ACCESS TO THE TREPP CMBS PRICING SERVICE™ AND /OR TREPP CMBS PRICES, WHICH WILL PROVIDE EVALUATIONS OF CMBS. 'EVALUATION' SHALL MEAN A MATHEMATICALLY DERIVED APPROXIMATION OF ESTIMATED VALUE AND NOT THE TRANSACTION PRICE AT WHICH AN INVESTMENT CAN BE PURCHASED OR SOLD IN THE MARKET, BECAUSE NO EVALUATION CAN CORRESPOND TO OR APPROXIMATE THE ACTUAL MARKET PRICE WHICH COULD BE OBTAINED ON ANY GIVEN DAY FOR ANY PARTICULAR SECURITY. EVALUATIONS ARE BASED UPON CERTAIN MARKET ASSUMPTIONS AND EVALUATION METHODOLOGIES REFLECTED IN PROPRIETARY ALGORITHMS, AND MAY NOT CONFORM TO TRADING PRICES OR INFORMATION AVAILABLE FROM THIRD PARTIES. EVALUATIONS ARE SOMETIMES REFERRED TO AS 'PRICING SERVICES' SOLELY FOR THE CONVENIENCE OF REFERENCE. IN THE EVENT THAT YOU OBTAIN EVALUATIONS FROM TREPP, YOU ACKNOWLEDGE THAT THERE MAY BE ERRORS OR DEFECTS IN TREPP'S SOFTWARE, DATABASE, OR METHODOLOGY THAT CAUSE RESULTANT EVALUATIONS TO BE INAPPROPRIATE FOR USE. YOU AGREE THAT YOU ASSUME ALL RESPONSIBILITY FOR EDIT CHECKING, EXTERNAL VERIFICATION OF EVALUATIONS, AND ULTIMATELY THE APPROPRIATENESS OF USE OF EVALUATIONS AND OTHER DATA PROVIDED VIA THE TREPP CMBS PRICING SERVICE™, AND THAT YOU HOLD TREPP COMPLETELY HARMLESS IN THE EVENT THAT ERRORS, DEFECTS, OR INAPPROPRIATE EVALUATIONS ARE MADE AVAILABLE VIA SUCH SERVICE.

THE SERVICE PROVIDED THROUGH THE TREPP WEBSITE IS AFFECTED BY THE DATA INPUT BY THE USER THEREOF AND THE CRITERIA SELECTED BY THE USER THEREOF. AS A RESULT, THE USER'S DECISIONS IN USING THE SERVICE PROVIDED THROUGH THE TREPP WEBSITE DIRECTLY AFFECT THE OUTPUTS, CALCULATIONS AND RESULTS IN THE SERVICE PROVIDED THROUGH THE TREPP WEBSITE. TREPP SHALL NOT BE LIABLE IN ANY MANNER FOR USER'S DECISIONS.

YOU AGREE AND ACKNOWLEDGE THAT TREPP IS NOT AN INVESTMENT ADVISOR, A FINANCIAL ADVISOR OR A SECURITIES BROKER. THE MATERIAL ON THIS TREPP WEBSITE HAS BEEN PREPARED SOLELY FOR INFORMATIONAL AND EDUCATIONAL PURPOSES, AND IS NOT AN OFFER TO ORIGINATE, BUY OR SELL ANY MORTGAGE INSTRUMENT, TO BUY OR SELL OR A SOLICITATION OF AN OFFER TO BUY OR SELL ANY SECURITY OR INSTRUMENT OR TO PARTICIPATE IN ANY PARTICULAR TRADING STRATEGY. SUCH MATERIALS ARE INTENDED TO BE AN AID TO YOUR OWN INVESTMENT PROCESS AND YOUR INVESTMENT ACTIONS SHOULD BE SOLELY BASED UPON YOUR OWN DECISIONS AND RESEARCH. TREPP, LLC AND/OR ITS AFFILIATES MAY HAVE POSITIONS IN, AND EFFECT TRANSACTIONS IN SECURITIES AND INSTRUMENTS OF ISSUERS MENTIONED HEREIN AND MAY ALSO PROVIDE OR SEEK TO PROVIDE SIGNIFICANT ADVICE OR INVESTMENT SERVICES, INCLUDING INVESTMENT BANKING, FOR THE ISSUERS OF SUCH SECURITIES AND INSTRUMENTS. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST.

Nothing in these Terms of Use shall limit or exclude the liability of any party for death or personal Injury caused by its negligence or for fraud including fraudulent misrepresentation, willful misconduct and/or for any other liability which cannot be excluded nor limited by law.

Markit iBoxx Total Return Calculator (Trepp Calculator)

You may receive Markit iBoxx Total Return Calculator (Trepp Calculator) as part of your agreement with TREPP. In connection with the receipt of the Trepp Calculator, you acknowledge and agree to the following:

Trepp Calculator means a website for the purpose of converting a total return index level (the “Index Level”) for the Markit iBoxx Trepp CMBS Original AAA Rolling Index (the “OAR Index”) into a spread-to-swap (the “Spread to Swap”) pricing value and for converting a Spread to Swap to an Index Level. Both calculations will be based on a static hypothetical bond cashflow (the “Hypothetical Bond”) which will be aggregated “as needed” from the underlying bond cashflows of the constituent bonds within the OAR Index. The Trepp Calculator will display and use live Treasury and swap rates curves provided by TREPP. The Trepp Calculator will output the implied duration, WAL and yield of the Hypothetical Bond given a valid input. The Trepp Calculator is intended to assist you of certain of TREPP's products and services, including TreppTrade, (which may include persons who obtain IP licenses for financial products based upon a New Index, including custom index calculation) in their efforts to originate and to trade total return swaps referencing the OAR Index.

PRIVACY POLICY

TREPP’s Privacy Policy applies to use of this Website, and its terms are made a part of these Terms of Use by this reference. To view TREPP’s Privacy Policy, please visit http://www.trepp.com/privacy-policy.

Contacting the Website

If you have any questions about this Website, or your dealings with this Website, you can contact:

Webmaster TREPP, LLC

600 Fifth Ave, 7th Floor, New York, NY 10020

webmaster@TREPP.com

In no event does this privacy policy create any contractual or other rights in any party.

ACCESS TO CMBS ALERTS

IN THE EVENT YOU ACCESS A CMBS ALERT FROM THIS WEBSITE, OR BY VIRTUE OF BEING A USER OF THIS WEBSITE, IT IS A CONFIDENTIAL REPORT THAT CONTAINS COPYRIGHTED MATERIAL. YOU ARE NOT PERMITTED TO SHARE, MAIL, FORWARD, SEND, PUBLISH OR REPUBLISH THIS COMMUNICATION OR ITS CONTENTS TO ANYONE OUTSIDE OF YOUR OWN COMPANY'S EMPLOYEES. THE REPORT MAY NOT BE REPRINTED, REPUBLISHED, OR REDISTRIBUTED WITHOUT THE EXPRESS WRITTEN PERMISSION OF TREPP, LLC.

While such alert is based on information from sources believed to be reliable, neither TREPP ("TREPP") nor any of its information providers represent or warrant the accuracy or adequacy of information in the alert.

Such alerts are prepared solely for informational purposes, and no alert is to be construed as an offer to originate, buy or sell any mortgage instrument, to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. TREPP and/or its affiliates may have positions in, and effect transactions in, securities and instruments of issuers mentioned herein and may also seek to provide significant advice or investment services, including investment banking, for the issuers of such securities and instruments.

RESTRICTIONS ON USE

Some information provided through this Website is nonpublic and is subject to certain laws, rules and regulations of the United States and other countries. By registering on this Website and viewing and using the information contained therein, you agree to comply with all laws, rules and regulations regarding access to and use of this information.

If you are requesting access or subscribing to the United States CMBS Library, by registering on this Website and viewing and using the information provided therein, you are certifying that you are a holder of the securities noted in the information or a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act of 1933) of the securities or an "accredited investor" (as defined in Regulation D under the Securities Act of 1933) (or is acting on behalf of a holder or a "qualified institutional buyer" or an "accredited investor" of the securities) or are otherwise qualified to have access to and receive the information.

If you are requesting access or subscribing to the European CMBS Library, by registering on this Website and viewing and using the information provided therein, you are certifying that you are authorized to conduct investment business in the United Kingdom by the Financial Conduct Authority ("FCA") and acknowledging that TREPP reserves the right to refuse to provide the European CMBS library to you if you are not authorized by the FCA.

If you are requesting access or subscribing to the Canadian CMBS Library, by registering on this Website and viewing and using the information provided therein, you are certifying that you comply with all applicable laws, rules and regulations with respect to your qualifications to have access to, receive, and use the information.

If you are requesting access or subscribing to the Asian CMBS Library, by registering on this Website and viewing and using the information provided therein, you are certifying that you comply with all applicable laws, rules and regulations with respect to your qualifications to have access to, receive, and use the information.

If you are using or distributing any of the information provided through this Website in Australia, you represent and warrant that you are a "Wholesale Client" (as defined in Section 761G of the Corporations Act of 2001 (Australia)). You acknowledge and agree that such information is not intended for use by and shall not be distributed to any person in Australia other than a Wholesale Client, and you covenant and agree that you will not distribute any of such information to a person in Australia other than a Wholesale Client.

If you are using or distributing any of the information provided through this Website in any country in Europe, the Middle East and Africa ("EMEA"), you acknowledge and agree that no Ratings included in the information shall in any circumstances be used by you where, as part of an effort to sell securities to Retail Investors on your websites or portals you use such Ratings either to (i) create a type of recommendation, (ii) create your own interpretation of the Ratings or (iii) use the Ratings in some other form of "risk classification" (the "Prohibited Purposes"). For the purposes hereof "Retail Investor" shall mean an individual investor who buys and sells securities or other financial products for their personal account, and not for another company, individual or organization.

If you are requesting access or subscribing to the CLO Library, by registering on this Website and viewing and using the information provided therein, you are certifying that you are:

A US person, who is a “qualified purchaser” and either (i) a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act of 1933) or (ii) an "accredited investor" (as defined in Regulation D under the Securities Act of 1933);

A non-US person (as defined under Regulation S under the Securities Act of 1933), who has the right and capacity to invest in CLOs, for example (i) you are authorized to conduct investment business in the United Kingdom by the Financial Conduct Authority ("FCA"), or elsewhere in the European Union by an equivalent national regulator; or (ii) you have existing investments in CLOs;

Acting on behalf of a person defined in 1 or 2; or

Otherwise qualified to have access to and receive information on the CLO securities in the CLO library.

If you are licensing or subscribing to REITCafe, CREDataXpress or TreppLoan Advisor™, you represent, warrant and agree that you will not sell, give or transfer either of the services of the information contained therein to any person, firm or corporation who direct use of such services or information is intended to result in the issuance of policies or title insurance or intended to be used in the legal industry.

TRIAL USERS

In the event that you have been granted a free trial to evaluate all or any part of the TREPP Website, you understand that this free trial will be deactivated after the conclusion of the trial.

You acknowledge that you are receiving access to the TREPP Website free of charge, solely for evaluation to determine whether you wish to become a subscriber. You will use the TREPP Website solely for that purpose and at your own risk, without any contractual or other rights. You will not use your free trial to print out, download or otherwise copy material amounts of data from TREPP Website during any month without TREPP's prior written consent. Furthermore, you acknowledge that as a Trial User, you are prohibited from using the TREPP Website for any commercial purpose without TREPP's prior written consent. You represent that you have authority to agree to these terms on behalf of your organization, and that you agree to the following terms on its behalf. In order to facilitate your evaluation of the TREPP Website, TREPP is willing to give you a username and a password to the TREPP Website for a short-term free trial period. Such username and password is personal to you and you are obligated to keep the username and password confidential and may not share the username or password with any third party. You agree that your use of any information, data and analytics from the TREPP Website is governed by these Terms of Use. Any violation of these Terms of Use will result in the termination of your free trial. You agree and acknowledge that in the event you subscribe to all or any part of the TREPP Website after this trial period, TREPP reserves the right to separately charge you for access to different portions of the TREPP Website.

Upon termination or conclusion of your free trial you shall destroy, delete or return any and all TREPP data, documentation and/or media provided to you or accessed by you during the free trial. If requested by TREPP, you will certify in writing to TREPP as such destruction, deletion or return, such certification to be provided to TREPP within ten (10) days of TREPP's request.

EDUCATIONAL USERS

In the event that you have been granted access to all or any part of the TREPP Website solely for educational purposes directly related to your academic coursework, you acknowledge that you may not use the TREPP Website, data or information obtained through the TREPP Website, derived data, or any work product derived from the TREPP Website for any commercial purpose (“Educational Purpose”).

You shall not directly or indirectly, (i) use the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website for any purpose other than the Educational Purpose, (ii) sell, assign, lease, sublicense, disclose, grant access to, or otherwise transfer the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website or any copy thereof to any other party, (iii) modify the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website or create derivative works thereof, or (iv) use the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website for proprietary models which are used for commercial or research purposes. You agree that the use of the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website is subject to all of the restrictions, limitations and obligations contained in these Terms of Use.

Upon termination/expiration of your access or completion of your academic coursework, you shall cease to have access to the TREPP Website and shall cease all use of the TREPP Website and shall return or destroy data accessed through the TREPP Website together with all copies and all documentation and related materials.

All right, title and interest in the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website, including any and all copyrights, patent rights, trade secrets, trademarks, service marks, trade names and any other statutory or common law intellectual property or other proprietary rights related to the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website are owned by TREPP. You shall obtain no intellectual property ownership regarding the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website and hereby assign to TREPP any enhancement of the TREPP Website generated in the course of your academic coursework.

You acknowledge and agree that the TREPP Website, data or information obtained through the TREPP Website, derived data or any work product derived from the TREPP Website is confidential information of TREPP. You will use such confidential information solely for the Educational Purpose and shall protect such confidential information by using the same degree of care to prevent disclosure of your own similar information but in any event shall use no less than a reasonable degree of care.

TREPP will be given full credit and acknowledgement for the support provided to you in any publications resulting from the Educational Purpose.

INTERACTIVE AREAS

The TREPP Website may contain discussion forums, bulletin boards, public or private groups, review services or other forums in which you or third parties may post reviews of, make recommendations for or give ratings of content, events, products, services or third party providers, or post other content, messages, materials or other items on the TREPP Website ("Interactive Areas"). If TREPP provides such Interactive Areas, you are solely responsible for your use of such Interactive Areas and use them at your own risk. By using any Interactive Areas, you expressly agree to comply with the Code of Conduct set forth below with respect to your use of the Interactive Areas. You acknowledge and agree that TREPP may set up any such forum to be accessible by all the TREPP Website users or by certain the TREPP Website users elected at the sole discretion of TREPP or any designee chosen by TREPP. Eligibility for access or membership in any given forum (or any continued access and membership) shall be determined by TREPP or its designee in its sole discretion, and you may not be given access to certain forums.

TREPP takes no responsibility and assumes no liability for any content posted, stored or uploaded by you or any third party, or for any loss or damage thereto, nor is TREPP liable for any mistakes, defamation, slander, libel, omissions, falsehoods, obscenity, pornography or profanity you may encounter in any Interactive Area. As a provider of interactive services, TREPP is not liable for any statements, representations or content provided by its users in any public forum, personal home page or other Interactive Area. Although TREPP has no obligation to screen, edit or monitor any of the content posted to or distributed through any Interactive Area, TREPP reserves the right, and has absolute discretion, to remove, screen or edit without notice any content posted or stored on the TREPP Website at any time and for any reason, and you are solely responsible for creating backup copies of and replacing any TREPP you post or store on the TREPP Website at your sole cost and expense.

Any use of the Interactive Areas or other portions of the TREPP Website in violation of the foregoing violates these Terms of Use and may result in, among other things, termination or suspension of your rights to use the Interactive Areas and/or the TREPP Website. In order to cooperate with legitimate governmental requests, subpoenas or court orders, to protect TREPP's systems and customers, or to ensure the integrity and operation of TREPP's business and systems, TREPP may access and disclose any information it considers necessary or appropriate, including, without limitation, user profile information (i.e. name, email address, etc.), IP addressing and traffic information, usage history, and posted content. TREPP's right to disclose any such information shall govern over any terms of TREPP's Privacy Policy.

TREPP does not and cannot review all content submitted by users to the TREPP Website, and TREPP therefore does not make any representation or warranty with respect to it and TREPP does not endorse any specific products or services which may be included in any such content. However, TREPP reserves the right to block or remove content or communications that TREPP determines, in its discretion, to be in violation of these Terms of Use. TREPP assumes no responsibility or liability for such content. If you have submitted objectionable content, TREPP may, in its sole discretion, terminate your account, take legal action against you and/or, if applicable, notify the appropriate authorities or parties, all without prior notice or liability to you.

No review, recommendation or rating on the TREPP Website or in any Interactive Area shall be deemed to be an endorsement by TREPP of any the particular matter subject of the review, recommendation or, if such matter is a third party provider, a guarantee of such provider's quality, competency, qualifications, experience, resources, character, honesty, integrity, responsiveness or other personal and professional characteristics.

Any information, material, or any other content (collectively, "user content") you provide TREPP will be deemed to include a royalty-free, perpetual, irrevocable, nonexclusive right and license for TREPP to adopt, publish, reproduce, disseminate, transmit, distribute, copy, use, create derivative works, display, (in whole or part) worldwide, or act on such user content without additional approval or consideration, in any form, media, or technology now known or later developed for the full term of any rights that may exist in such user content, and you hereby waive any claim to the contrary.

Additional information about the TREPP Website and other important matters is contained within the TREPP Website itself, including in the Rules of Engagement and you acknowledge and agree that your use of the TREPP Website, or of any information or features in or on the TREPP Website, is informed by and subject not only to these Terms of Use but also by the information and explanation available on these pages.

CODE OF CONDUCT

You agree not to do any of the following:

Restrict or inhibit any other user from using and enjoying the TREPP Website. This includes, without limitation: (a) using, or attempting to use, any account without the owner's permission, (b) obtaining or soliciting another person's password or other personal information under false pretenses, or (c) impersonating another user or otherwise misrepresenting yourself to TREPP, our affiliates, the TREPP Website's systems, or other entities.

Interfere (or attempt to interfere) with the operation of the TREPP Website. This includes, without limitation: (a) interfering with, defeating, or circumventing any security function of the TREPP Website, or attempting to do so, or (b) accessing, or attempting to access, any portion of the TREPP Website that you are not authorized to access. Unauthorized access (or attempts) may subject you to civil and/or criminal penalties.

Post, upload to, transmit, distribute, store, create or otherwise publish any information or material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law, including, without limitation, the regulations of the U.S. Securities and Exchange Commission or any rules of a securities exchange such as the New York Stock Exchange, the American Stock Exchange or the NASDAQ.

Use the TREPP Website to post, upload to, transmit, distribute, store, create or otherwise publish any information or software that contains a virus, worm, Trojan horse, or other harmful or disruptive component.

Post, upload to, transmit, distribute, store, create or otherwise publish any material protected by copyright, trademark or other proprietary right without the express permission of the owner of the copyright, trademark or other proprietary right and the burden of determining that any material is not protected by copyright rests with you. You are solely responsible for determining whether any material you post, upload to, transmit, distribute, store, create or otherwise publish is subject to a third party's rights You shall be solely liable for any damage resulting from any infringement of copyrights, proprietary rights, or any other harm resulting from such a submission.

Impersonate any person or entity, or misrepresent any affiliation with another person, entity or association.

Post, upload to, transmit, distribute, store, create or otherwise publish any advertising, promotion, or solicitation of goods or services for commercial purposes except in any areas of the TREPP Website specifically designated for such purpose (and subject to applicable the TREPP Website rules).

Misuse any e-mail function available on or through the TREPP Website. This includes, without limitation, (a) sending unsolicited commercial e-mail to any account that causes complaints from the recipients, (b) continuing to send commercial e-mail to a recipient if recipient has requested that you discontinue such communication, (c) sending bulk e-mails, "spam," chain letters, "mail bombs," or other disruptive transmissions, or (d) forging message headers or otherwise concealing an e-mail address or preventing others from responding to a message, or attempting to do so.

DIGITAL MILLENNIUM COPYRIGHT ACT

The Digital Millennium Copyright Act of 1998 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. TREPP reserves the right to remove any material on the TREPP Website which allegedly infringes another person's copyright. If you believe in good faith that materials hosted by TREPP infringe your copyright, you (or your agent) may send us a notice requesting that the materials be removed, or access to them blocked. Such notice must meet statutory requirements imposed by the DMCA and must be in writing and include the following information in writing: An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest; A description of the copyrighted work that you claim has been infringed. Please describe the work and, where possible, include a copy or the location (e.g., URL) of an authorized version of your work; A description of the material that you claim to be infringing, as well as its location on the TREPP Website; Your name, address, telephone number, and email address; A statement by you that you have a good faith belief that the disputed use of the materials is not authorized by the copyright owner, its agent, or the law; and A statement by you, made under penalty of perjury, that the above information in your notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf. If you believe in good faith that a notice of copyright infringement has been wrongly filed against you, the DMCA permits you to send us a counter-notice. Notices and counter-notices for the TREPP Website should be sent to: Mathew S. Kelman, Esq., 53 West 23rd Street, 12th Floor, New York, NY 10010. We suggest that you consult your legal advisor before filing a notice or counter-notice. Also, be aware that there can be substantial penalties for false claims.

GENERAL

TREPP reserves the right, from time to time, to modify these Terms of Use by posting changes to the TREPP Website. Users should continue to review these terms whenever using this site. Your continued use of this Website is deemed acceptance of these terms, as modified.

Notwithstanding the following, Subscriber's uses of CUSIP in the Trepp Watch, Trepp Analytics, or other TREPP password protected sites, pursuant to its Agreement with TREPP, is covered by TREPP's license with the CUSIP Service Bureau ("CSB") and does not require a separate license by Subscriber so long as Subscriber does not copy or download the CUSIP Data into any internal database or security master file:

"Subscriber agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor's CUSIP Service Bureau ("CSB") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein. Any use by Subscriber outside of the clearing and settlement of transactions requires a license from the CSB, along with an associated fee based on usage. Subscriber agrees that misappropriation or misuse of such materials will cause serious damage to CSB and ABA and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, Subscriber agrees that in the event of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CSB and ABA may be entitled."

"Subscriber agrees that Subscriber shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions. Subscriber further agrees that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the CSB."

"NEITHER CSB, ABA NOR ANY OF THEIR, AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO SUBSCRIBER ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CSB, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE EXCEED THE FEE PAID BY SUBSCRIBER FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL."

"Subscriber agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above."

No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof ("Content") may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P's opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Copyright 2019, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.

You may download the licensed data from the S&P services/products (the “S&P Licensed Data”) from the TREPP Website on your own desktop/computing device on a limited basis, subject to the following terms and conditions (unless you have a direct license agreement with S&P that permits otherwise):

(i) you may download the S&P Licensed Data to a desktop/computing device used solely for such your individual use and not for any centralized, interdepartmental or shared use; and

(ii) once downloaded to your computing device, the S&P Licensed Data must remain on your computing device and may not be uploaded, copied or transferred to, or stored or managed in, any other desktop/computing device, or any device, directory, database or other repository that is shared or can be accessed by others (e.g. the download functionality may not be used to populate master security databases); and

(iii) you may download the S&P Licensed Data only as a convenience in connection with your use of the TREPP’s services/products and not as an alternative to obtaining the S&P services/products from and/or pursuant to an agreement with S&P.

Proprietary Notice; Distributor Service provided solely for Subscriber's internal or personal use; No Redistribution to Third Parties. ALL MOODY'S RATINGS INFORMATION, FURNISHED BY DISTRIBUTOR PURSUANT TO THIS SUBSCRIPTION AGREEMENT ARE PROPRIETARY TO DISTRIBUTOR (OR DISTRIBUTOR'S LICENSORS) AND ARE SO FURNISHED AT SUBSCRIBER'S REQUEST AND FOR SUBSCRIBER'S EXCLUSIVE USE. NO MOODY'S RATINGS INFORMATION SO FURNISHED MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, DISTRIBUTED, REDISTRIBUTED, SOLD, RESOLD, LEASED, RENTED, LICENSED, SUBLICENSED, ALTERED, MODIFIED, ADAPTED, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY SUBSCRIBER OR ANY OTHER PERSON OR ENTITY, WITHOUT DISTRIBUTOR'S PRIOR WRITTEN CONSENT.

No Warranties; Limitation on Liability; Liability Cap. All Moody's ratings information furnished pursuant to this Agreement is obtained by Distributor from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, all Moody's ratings information is provided "AS IS" without warranty of any kind, and DISTRIBUTOR (AND DISTRIBUTOR'S LICENSORS), IN PARTICULAR, MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO SUBSCRIBER OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH MOODY'S RATINGS INFORMATION. Under no circumstance shall DISTRIBUTOR (or DISTRIBUTOR'S licensors) have any liability to Subscriber or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Distributor or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any Moody's ratings information, or (b) any indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), even if Distributor shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from or relating to the use of, or inability to use, any Moody's ratings information. Without limiting the foregoing, in no event shall the total liability of DISTRIBUTOR or DISTRIBUTOR'S licensors in the aggregate to Subscriber arising from this Agreement (based on any cause of action whatsoever) exceed the fees actually paid by Subscriber to DISTRIBUTOR within the twelve (12) month period immediately preceding the date upon which the relevant claim accrued.

Moody's Rights to Data. Subscriber agrees and acknowledges that the Moody's ratings information is and shall remain the valuable intellectual property owned by, or licensed to, Moody's Investors Service, Inc., ("Moody's") and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein. Subscriber agrees that misappropriation or misuse of such materials shall cause serious damage to Moody's and that in such event money damages may not constitute sufficient compensation to Moody's; consequently, Subscriber agrees that in the event of any misappropriation or misuse, Moody's shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which Moody's may be entitled.

In the event that as part of the services you receive from TREPP (the "Trepp Services"), you access any information, stories, articles or other material, including but not limited to text, images, and other multimedia data, provided by TREPP's third party provider Acquire Media (the "Content"), you agree that the following, as it pertains to such Content shall apply:

(a) Use of Information. You may not in any way make such Content available, through any medium ,

(i) to any person or entity who is not an end-user or which redistributes or causes the redistribution of the Content without prior written permission of Acquire Media,

(ii) for use in print, television or radio news media (including Web sites affiliated with or supporting entities engaged in such news distribution) without prior written permission of Acquire Media,

(iii) to any person or entity which links the Content to a Web site, or otherwise distributes or makes available material, which is pornographic, obscene, defamatory, harassing, grossly offensive, malicious in nature, or which infringes, or potentially infringes, any intellectual or other property rights (including copyright, patent, trademark and trade secret rights) of any person, or

(iv) to any person or entity which uses or permit the use of the Content in any way that compromises the integrity thereof or which infringes any copyrights or proprietary interests of any Acquire Media or any third party from which Acquire Media has acquired the right to distribute such Content.

(b) Termination. Upon notification from TREPP that TREPP's agreement with Acquire Media has been terminated, you shall destroy all copies of the Content then in your possession.

(c) Ownership. You agree that Acquire Media and its media providers retain all proprietary right, title or interest, including copyright, in the Content.

(d) Restrictions on Use. You agree that you will not copy nor license, sell, transfer, make available or otherwise distribute the Content to any entity or person. You shall use your best efforts to stop any such copying or distribution immediately after such use becomes known. The license granted hereunder is limited to display and retrieval of news stories on your desktop. By way of illustration and not limitation, the license shall not cover systems or applications that enable any program (including without limitation algorithmic trading programs), data mining, text mining, or trend analysis function, that integrate news with customer relationship management, order management, trading, or portfolio management tools or systems, or mid- or back-office applications, and you shall have no right to distribute the Content via email, instant messaging (other than limited portions on an occasional basis in the normal course of business in communications with other employees and/or securities professionals), a customer Intranet, personal digital assistants, wireless application protocol, or short message service or radio system.

(e) No Warranty. The Content is provided "as is." ACQUIRE MEDIA AND ITS MEDIA PROVIDERS DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, RELATING TO THE CONTENT. Acquire Media and its media providers make no warranties regarding the completeness, accuracy or availability of the Content.

(f) Limitation of Liability. In no event shall Acquire Media or its media providers be liable to you or any other person or entity for any direct, indirect, special, exemplary or consequential damages, including lost profits, in any manner related to the Content or your use thereof based in contract, negligence, strict liability or otherwise, whether or not they or it had any knowledge, actual or constructive, that such damages might be incurred.

(g) Indemnification. You shall indemnify and hold harmless Acquire Media and its media providers against any claim, damages, loss, liability or expense, including attorneys fees, arising out of your use of the Content in any way contrary to the restrictions and limitations set forth herein.

(h) Beneficiaries of this Agreement. The rights and limitations in this Section entitled "Acquire Media Requirements" are for the benefit of Acquire Media and its media providers, each of which shall have the right to enforce its rights hereunder directly and on its own behalf.

NASDAQ Requirements

With respect to any information obtained by TREPP from The NASDAQ OMX Group ("NASDAQ OMX") and made available through the TREPP Website, you agree to use such information only for the purposes set forth in the applicable NASDAQ OMX Requirements (defined below). Any use of such information, including, but not limited to, transmission or reprocessing, is prohibited. The "NASDAQ OMX Requirements" shall mean: (i) the rules, regulations, interpretations, decisions, opinions, orders and other requirements of the SEC or an FSA; (ii) the rules, regulations, disciplinary decisions, and rule interpretations applicable to NASDAQ OMX Markets; (iii) the NASDAQ OMX Markets' decisions, policies, interpretations, operating procedures, specifications, requirements, and other documentation that is regulatory or technical in nature (including, but not limited to, user guides) published on the NASDAQ OMX Trader website located at www.nasdaqtrader.com or another website accessible by and made known to you; and (iv) all other applicable laws, statutes, rules, regulations, orders, decisions, interpretations, opinions, and other requirements, whether promulgated by the United States, England, Sweden or any other applicable jurisdiction (including in the area of intellectual property); and (v) the successors, as they may exist at the time, of the components of the NASDAQ OMX Requirements.

With respect to any information obtained by TREPP from The NASDAQ Stock Market LLC ("NASDAQ") and made available through the TREPP Website, you agree to use such information only for the purposes set forth in the applicable NASDAQ Requirements (defined below). Any use of such information, including, but not limited to, transmission or reprocessing, is prohibited. The "NASDAQ Requirements" shall mean (i) the rules, regulations, interpretations, decisions, opinions, orders and other requirements of the SEC; (ii) the rules, regulations, disciplinary decisions, and rule interpretations of the NASDAQ Companies (iii) the NASDAQ Companies' operating procedures, specifications, requirements, and other documentation that is regulatory or technical in nature (including, but not limited to, user guides) published on the NASDAQ Trader website located at NASDAQTrader.com or another website accessible by and made known to you; and (iv) all other applicable laws, statutes, rules, regulations, orders, decisions, interpretations, opinions, and other requirements, whether promulgated by the United States or any other applicable jurisdiction (including in the area of intellectual property); and (v) the successors, as they may exist at the time, of the components of the NASDAQ Requirements.

Trepp Add-In Terms

In the event you obtain a license to the Trepp Add-In, the following terms apply with respect to the Trepp Add-In.

License Grant. TREPP grants to you for the term of your agreement with TREPP for the Trepp Add-In (the "Trepp Add-In Agreement") a non-exclusive, non-transferable license to access and use the Trepp Add-In (the including any data and information contained therein or accessible thereto (collectively, "Subject Data") solely for your internal use in the ordinary course of your business of asset management.

Prohibited Uses of Trepp Add-In. Except as expressly set forth in the Trepp Add-In Agreement, you shall not: (a) access or use the Subject Data except through use of the Trepp Add-In, (b) use (or permit the use of) the Trepp Add-In in connection with any broker, dealer or underwriting activity, or the provision of custody services to third parties, (c) use the servers, hardware, networks, and technology used to enable you to access the Trepp Add-In ("Host Environment") for any purpose other than to access the Trepp Add-In, (d) modify the Trepp Add-In or create derivative works thereof; (e) merge the Trepp Add-In with other software; (f) reverse engineer the Trepp Add-In or disassemble, reverse compile or otherwise attempt to obtain a human readable version of the Trepp Add-In or otherwise attempt to derive the source code for the Trepp Add-In, (g) sell, lease, sublicense or otherwise transfer or provide the Trepp Add-In (or any part thereof or rights therein) or your right to use the Host Environment, directly or indirectly, to any third party, (f) permit any third party, directly or indirectly, to use, view, reproduce or have access to the Trepp Add-In or have access to the Host Environment, or (h) copy or reproduce the Trepp Add-In in whole or in part in any form or medium.

Compliance with Law. You shall comply with all laws, orders, rules and regulations applicable to use of the Trepp Add-In. You acknowledge that TREPP and its licensor, The Yield Book Inc. ("YBI") is not undertaking to manage money or act as a fiduciary with respect to your account or any of your managed or fiduciary accounts and you acknowledge and agree that the Trepp Add-In, and TREPP's and YBI's services in connection therewith, do not and shall not serve as a primary basis for any investment decisions made with respect to such accounts. The parties acknowledge and agree that TREPP, YBI and you are each an independent contractor and not an agent, joint venturer or partner of the other parties.

Access to the Trepp Add-In. You shall use only the unique password that YBI enables you to create in order to enable you to access the Trepp Add-In ("Access Code"). You shall take all reasonable steps to maintain the confidentiality and integrity of the Access Codes and shall permit their use only by your employees, directors, officers, agents, consultants or subcontractors: (a) to whom you have granted permission to access and use the Trepp Add-In; (b) who is physically located at a facility you control when providing services to or performing services for you; and (c) who is bound by confidentiality obligations no less protective of TREPP and its licensor than those set forth in the Trepp Add-In Agreement. You shall immediately notify TREPP if you become aware of any actual or threatened unauthorized access to or use of, or loss or theft of, any Access Code. YBI shall have the right, with prior written notice to you, to disable any Access Code if YBI reasonably believes you are in breach of any provision of the these Trepp Add-In Terms.

Security. You shall not knowingly or negligently introduce or permit the introduction of any computer viruses, trojan horses or other harmful codes into the Host Environment or Trepp Add-In. You shall use the Host Environment only for the purpose for which YBI has provided access to you. You shall not, and shall not attempt to, break, bypass or circumvent any security system in the Host Environment, or obtain, or attempt to obtain, access to any program or data other than that which you have been given access under the Trepp Add-In Agreement. You shall establish appropriate procedures to provide for the use of Host Environment only by your employees, agents and subcontractors having a need for such use pursuant to the terms of the Trepp Add-In Agreement and for the protection of the confidentiality of the Trepp Add-In. You shall be responsible for ensuring compliance by your employees, agents and subcontractors with the terms of this paragraph, and shall be responsible for their acts and omissions to the same extent as though such acts and omissions were your acts and omissions.

Export Controls. Unless authorized by U.S. regulation or Export License, you will not export or re-export the Trepp Add-In to: (a) any country (or nationals thereof) in Country Group E of the Export Administration Regulations of the Department of Commerce (see http://www.BIS.doc.gov) or any other country subject to sanctions administered by the Office of Foreign Asset Control (see http://www.treas.gov/ofac/); or (b) any non-civil (i.e. military) end-users or for any non-civil end-uses in any country (or nationals thereof) in Country Group D:1 of the Export Administration Regulations, as the same may be revised from time to time. More specific certifications may be required for strong encryption products.

Third-Party Data. TREPP and YBI shall have no obligation to provide to you any data, including, without limitation, any third-party data, where the provision of such data is contingent on the continued effectiveness of an underlying agreement between TREPP or YBI and the applicable data vendor.

Support by TREPP. TREPP and YBI do not undertake to correct or notify you of any defect, inaccuracy or error in the Trepp Add-In of which TREPP or YBI may become aware at any time or to notify you of any modifications in any information or methodologies incorporated in the Trepp Add-In; provided that, TREPP shall use commercially reasonable efforts to notify you of any of the foregoing of which TREPP notifies all of its other customers using the Trepp Add-In, and shall provide to you any correction to the Trepp Add-In which TREPP provides to all such other customers.

Proprietary Rights. You acknowledge and agree that YBI retains and shall have exclusive rights, title and interest in and to the Trepp Add-In and any documentation provided by TREPP with respect to such product, except for any of TREPP's trademarks that may appear thereon, and all revisions, modifications and enhancements thereto (and all complete or partial copies thereof in any medium), including any patents, copyrights (whether registered or not registered), trade secrets, database rights and trademarks (other than TREPP's trademarks) thereto which may subsist anywhere in the world. Except as provided herein, no right or license of any kind is granted to you with respect to the Trepp Add-In, or any of the rights set forth in the immediately preceding sentence. You shall not take any action with respect to the Trepp Add-In or such rights inconsistent with the foregoing acknowledgment.

NO WARRANTIES. THE TREPP ADD-IN IS PROVIDED OR MADE AVAILABLE TO YOU ON AN "AS IS" BASIS, AND NO WARRANTIES, EXPRESS OR IMPLIED, REPRESENTATIONS OR PROMISES HAVE BEEN MADE BY TREPP, ITS AFFILIATES, YBI OR ANY DATA VENDORS TO YOU OR ANY OTHER PERSON OR ENTITY REGARDING THE ORIGINALITY, PERFORMANCE, ACCURACY, ADEQUACY, TIMELINESS, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE TREPP ADD-IN, OR ANY OTHER MATTER, AND NO WARRANTY IS GIVEN THAT THE TREPP ADD-IN WILL CONFORM TO ANY DESCRIPTION THEREOF, BE FREE OF ERRORS OR DEFECTS OR PERFORM ANY OPERATIONS OR FUNCTIONS, AND YOU ARE ADVISED TO REVIEW AND TEST THE TREPP ADD-IN BEFORE USING IT.

Your Acknowledgments. Although TREPP or YBI believes the Trepp Add-In to be reliable, neither TREPP or YBI guarantee either the results to be achieved by your use of any of the foregoing or the accuracy, completeness, performance or reliability of the Trepp Add-In. Any data may be incomplete or condensed, will be for information purposes only and will not be intended as, or construed to be, an offer or solicitation with respect to the purchase or sale of any security. Data may be provided for certain securities that are unavailable for or restricted from purchase or sale. If you seek to engage in transactions in certain securities, you may be required by a broker-dealer to provide additional representations or certifications as a pre-condition of any such purchase or sale. All data (including any opinions and estimates) will constitute judgments as of their date and are subject to change without notice. TREPP and YBI furnish all such data as part of a general service and without regard to your particular circumstances and shall not be liable for any damages arising out of any inaccuracy in any such data. The Trepp Add-In utilizes a set of analytical tools that provide you with the ability to select and input data of various types from various sources (e.g., indicative or market-sourced) and run calculations using models incorporated in the Trepp Add-In. The Trepp Add-In is driven by data inputs selected by you and applies standard analytical methods. The Trepp Add-In does not make predictions or projections regarding investment strategies. You are responsible for verification and/or validation of data made available through the Trepp Add-In. You are further responsible for conducting you own independent verification and validation of data with other market sources and/or your own market knowledge before using any data in sales and trading decisions, or for risk reporting or valuing your positions. Any decision to use the Trepp Add-In, in whole or in part, to adopt or continue any strategy based in whole or in part on such use or to engage in or refrain from any action pursuant thereto is the your sole responsibility and neither TREPP nor YBI shall have any liability in connection therewith.

System Performance and Limitations. You acknowledge that computer systems and networks (such as the Internet) periodically suffer from unanticipated outages, capacity limitations and slowdowns due to various causes, such as high or unusual Internet traffic, telecommunications errors, computer equipment malfunctions, software errors and other problems. From time to time, you may be unable to access or use the Trepp Add-In or experience varying degrees of difficulty in accessing or using the Trepp Add-In as a result of such outages, limitations or slowdowns.

DISCLAIMER OF LIABILITY. YOU ACKNOWLEDGE AND AGREE THAT, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE TREPP ADD-IN AGREEMENT, YBI, ITS DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS SHALL HAVE NO LIABILITY FOR DAMAGES OF ANY KIND TO YOU, YOU AFFILIATES OR YOUR OR THEIR EMPLOYEES, DIRECTORS, OFFICERS, AGENTS OR CLIENTS IN CONNECTION WITH THE TREPP ADD-IN OR ANY OTHER MATTER ARISING UNDER, OR RELATING TO, THE TREPP ADD-IN AGREEMENT.

Confidentiality. The Trepp Add-In shall be deemed "confidential information" as that term is used in the Trepp Add-In Agreement, and shall be subject to the provisions of the Trepp Add-In Agreement relating to your obligations to maintain the confidentiality of TREPP's confidential information.

Third Party Beneficiary. YBI shall be deemed a third party beneficiary to the terms set forth in these Trepp Add-In Terms, entitled to enforce its rights under these Trepp Add-In Terms directly against you with respect to the Trepp Add-In.

Morningstar Requirements

You may receive information and data from Morningstar Credit Ratings, LLC ("Morningstar") as part of your agreement with Trepp. In connection with the receipt of such information and data from Morningstar ("Morningstar Information"), you acknowledge and agree to the following:

(a) Morningstar and/or its third party licensors (as applicable) have exclusive proprietary rights in the Morningstar Information provided to you. The Morningstar Information may only be used internally and shall not be used for any unlawful or unauthorized purposes. Dissemination, distribution or reproduction of the Morningstar Information in any form is strictly prohibited except with the prior written permission of Morningstar.

(b) Morningstar and its third party licensors do not guarantee the accuracy, completeness, timeliness or availability of any Morningstar information, including, but not limited to, ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of the Morningstar Information. Morningstar and its third party licensors give no warranties, express or implied, including, but not limited to, any warranties of merchantability or fitness of a particular purpose of use. Morningstar and its third party licensors shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of Morningstar Information.

(c) Morningstar Information is (i) solely for informational purposes, (ii) subject to applicable laws, regulations and rules and you shall reasonably cooperate with Morningstar if needed to comply therewith, (iii) mere opinions; the provision of which does not result in Morningstar waiving any protections, privileges or defense available under applicable laws, rules or regulations, including, without limitation, the First Amendment of the Constitution of the United States of America and (iv) not guaranteed to be accurate, complete or timely and are not intended to predict or guarantee future performance or results.

(d) Morningstar Information shall not create or constitute a fiduciary relationship between Morningstar and you. Morningstar Information, including any ratings, shall not constitute a recommendation, solicitation, endorsement or offer by Morningstar, or any of its directors, officers, employees, agents, consultants or other representatives or anyone else, to buy, hold or sell securities, financial instruments or any investment. Morningstar is not acting as an investment, financial or other advisor to you.

(e) Morningstar has not consented to, and will not consent to, (i) being named an "expert" under the federal securities laws including, without limitation, Section 7 of the Securities Act of 1933, or (ii) the integration, publication, inclusion or reference of any ratings, analysis or other information pertaining to Morningstar and/or the ratings in any prospectuses or registration statements or otherwise integrated or used in a manner that could impede (i) or (ii) of this provision.

(f) Morningstar publishes its current Form NRSRO and exhibits thereto at http://ratingagency.morningstar.com. You agree that such materials, the qualifications and limitations enumerated at Morningstar's website, http://ratingagency.morningstar.com, are integral to understanding Morningstar's credit ratings and related analysis.

EDGAR Online

EDGAR Online, Inc. and the information providers herein make no claims concerning the validity of the information provided hereby and will not be held liable for any use of this information. The information provided herein may be displayed and printed for your internal use only and may not reproduced, retransmitted, distributed, disseminated, sold, published, broadcast or circulated to anyone without the express written consent of EDGAR Online, Inc.

Markit iBoxx Trepp CMBS Index Requirements

You may receive one or more Markit iBoxx Trepp CMBS Indices (collectively, the "Indices") from Markit Indices Limited ("Markit") as part of your agreement with TREPP. In connection with the receipt of such Indices, you acknowledge and agree to the following:

(a) you are prohibited from (i) distributing, transferring, sub-licensing, renting, lending, transmitting, selling, re-circulating, repackaging, assigning, leasing, reselling, publishing or otherwise re-distributing, transferring, disclosing or making available all or any portion of the data from any of the fields in any of the Indices (the "New Index Data"), or (ii) using the New Index Data to develop, create or directly price any index (e.g., any composite financial index) or for any database, product or service;

(b) you will only use the New Index Data for internal business purposes;

(c) you will only use the New Index Data through and in the services, applications or products you receive from TREPP, and you will not use any New Index Data in other applications including but not limited to risk management applications, accounting/back-office systems, portfolio construction tools or any type of trading related analytic;

(d) TREPP, MARKIT AND MARKIT'S SERVICE PROVIDERS DISCLAIM (I) ALL WARRANTIES OR REPRESENTATIONS AS TO, AND (II) ALL LIABILITIES WHETHER IN CONTRACT, TORT (INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE) OR OTHERWISE IN RELATION TO, THE QUALITY, FITNESS FOR PURPOSE, COMPLETENESS OR ACCURACY OF THE NEW INDEX DATA OR ANY DATA CONTAINED THEREIN;

(e) you agree to be bound by any legends, disclaimers, and notices required to appear from time to time in connection with the New Index Data; and

(f) Markit shall be an intended third party beneficiary of the above-described provisions.

Markit/CMBX Copyright and Disclaimers

CMBX™ referenced herein is the property of CDS IndexCo LLC and is used under license. TreppDerivative™ is not sponsored, endorsed, or promoted by CDS IndexCo LLC or any of its members. CMBX™ is a service mark of CDS IndexCo LLC and has been licensed for use by TREPP, LLC.

Markit Loan Pricing

The Services are subject to the following legends and disclaimers:

Neither Markit, its affiliates nor any third party data or service provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its Affiliates nor any third party data or service provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting there from.

Opinions, estimates and projections in this report do not reflect the opinions of Markit or its affiliates. Markit has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Without limiting the foregoing, neither Markit, its affiliates nor any third party data or service provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the data, content, information or materials contained herein.

All intellectual property and other proprietary rights comprised in the Markit data are and shall be the exclusive property of Markit.

Except as otherwise expressly permitted by Markit in writing, the Markit data is made available to you under the condition that you shall (a) only be allowed to use the Markit data internally in the ordinary course of your business to run cash flow projections and valuations for trading purposes (and not, for clarity, for CLO compliance or NAV purposes); (b) not use any Markit data to create books of records or for position level valuation purposes; (c) not redistribute, transfer, sub-license, rent, lend, transmit, sell, resell, re-circulate, repackage, lease, publish or otherwise re-distribute or make available, any of the Markit data; and (d) not use the Markit data in connection with designing, creating, improving, developing, providing, administering, calculating, pricing or otherwise supporting any database, index, risk, performance or other analytics or other financial product or service (including without limitation any model, algorithm, identifier, reference data, liquidity metric, pricing or valuation service or any trading platform or pre- or post-trade servicing platform or to store or create a historical database thereof).

Economic Data and Forecasting (US Regional Economic Service – Division Level and US Economic Service – Short Term)

The Services are subject to the following legends and disclaimers:

Neither Markit, its affiliates nor any third party data or service provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its Affiliates nor any third party data or service provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting there from.

Opinions, estimates and projections in this report do not reflect the opinions of Markit or its affiliates. Markit has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Without limiting the foregoing, neither Markit, its affiliates nor any third party data or service provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the data, content, information or materials contained herein.

All intellectual property and other proprietary rights comprised in the Markit data are and shall be the exclusive property of Markit.

Except as otherwise expressly permitted by Markit in writing, the Markit data is made available to you under the condition that you shall (a) only be allowed to use the Markit data internally in the ordinary course of your business; (b) not use any Markit data to create books of records or for position level valuation purposes; (c) not redistribute, transfer, sub-license, rent, lend, transmit, sell, resell, re-circulate, repackage, lease, publish or otherwise re-distribute or make available, any of the Markit data; and (d) not use the Markit data in connection with designing, creating, improving, developing, providing, administering, calculating, pricing or otherwise supporting any database, index, risk, performance or other analytics or other financial product or service (including without limitation any model, algorithm, identifier, reference data, liquidity metric, pricing or valuation service or any trading platform or pre- or post-trade servicing platform or to store or create a historical database thereof).

The Rockport Underwriting Model is proprietary to Rockport PA LLC. Data available through the Rockport Underwriting Model is proprietary to TREPP. The Rockport Underwriting Model and the data incorporated in the Model are protected by copyright and other intellectual property laws. Subscriber's use of the Rockport Underwriting Model is subject to Rockport PA LLC's Terms of Use as described on www.rockportsys.com/uw/termsofuse.aspx. Access to certain features of the Rockport Underwriting Model may require a separate subscription agreement with TREPP, LLC.

Solve Advisors Inc. Requirements and Disclaimers

If you access Solve Advisors Inc.’s (“Solve”) Parsing Services to use in conjunction with TreppTrade then you agree to the following:

"Pre-Parsed Data" means emails, messages, excel spreadsheets, PDF documents and other information streams or documents that contain trading information about structured product securities delivered to Solve on behalf of you or directly from you upon which Solve shall perform the Parsing Services and deliver the Parsed Data to you via TreppTrade.

“Parsing Services” means the services performed by Solve that extract price quotes on structured product instruments from Pre-Parsed Data provided by you.

The Parsed Data is hosted on Solve's servers/infrastructure, which includes the mailbox hosting the Pre-Parsed Data, the processes necessary to parse Pre-Parsed Data, and the databases that store Parsed Data. The Pre-Parsed Data is not stored in any TREPP or TreppTrade database or server.

Your Parsed Data shall be made available to you via TreppTrade and shall be stored in TreppTrade for use by your TreppTrade workgroup.

Disclaimer. TREPP and Solve make no warranties, express or implied, of any kind, including any implied warranty of merchantability or fitness for a particular purpose, accuracy, performance or nonperformance, with respect to the Parsing Services provided. You acknowledge that nothing in the Parsing Services shall constitute investment advice of any kind. TREPP and Solve shall not be liable for the accuracy of the information provided through the Parsing Services and you assume sole responsibility for reviewing and determining the accuracy, the suitability for your purposes, and the conformity to the requirements of all laws and regulations from all sources that are applicable to you. You agree that the Parsing Services are provided “as is” and the use of the Parsing Services is at its own risk.

If you are not also a customer of Solve, your use of Parsing Services in conjunction with TreppTrade, pursuant to your agreement with TREPP, is covered by TREPP’s license with Solve, and does not require a separate agreement by you with Solve.

You shall email/message the Pre-Parsed Data to be parsed to a specific address and TREPP shall redirect the Pre-Parsed Data to Solve.

TREPP acknowledges that TREPP shall not store any original emails or messages sent to the parsing mailbox, or attachments thereto, on TREPP’s system that contain Pre-Parsed Data to be parsed by Solve.

If you have a separate agreement with Solve, use of the Parsing Services in conjunction with TreppTrade does not relieve you of your contractual obligations with Solve.

You shall forward the Pre-Parsed Data to be parsed as per your agreement with Solve, and your Parsed Data shall be made available to you via TreppTrade as per your agreement with TREPP.

Fannie Mae Data Terms

To the extent any data through the Services includes any data or information from Fannie Mae (the “Fannie Mae Data”), the following provisions apply to the use of such Fannie Mae Data.

Restrictions on Use of Data

(a) Data Integrity. You (“End User”) will not modify or alter the Fannie Mae Data in any manner other than as contemplated hereunder. End User will respect the integrity of the Fannie Mae Data, ensuring that the Fannie Mae Data is not distorted and that none of the information in the Fannie Mae Data is deleted or changed in ways that would materially affect the integrity of the Fannie Mae Data as originally published by Fannie Mae.

(b) Primary Purpose and Scope of Use of the Fannie Mae Data. Fannie Mae provides the Fannie Mae Data to facilitate investments in its mortgage-related securities, assist in providing stability in the secondary market for residential mortgages and increasing the liquidity of mortgage investments.

(c) Absolute Prohibition Against Correlation of the Fannie Mae Data to Individuals. Under no circumstance shall End User, directly or indirectly, use, copy, modify, decompile, disassemble, scrape, cache, frame, mask, correlate, or apply any process to the Fannie Mae Data in order to misappropriate any information about the Fannie Mae Data or derive any information about any particular individual including but not limited to violation of applicable privacy laws or regulations and/or in any way that would be deemed an unlawful invasion of privacy, whether or not for internal or external use of the results of such correlation. End User shall comply with all federal, state and local laws and regulations governing the access, handling, and use of the Fannie Mae Data.

Additional Rights and Obligations Applicable to End Users

End User may only use the Fannie Mae Data in furtherance and in support of End Users' internal business purposes only. End User is prohibited from reselling, disclosing or redistributing the Fannie Mae Data externally and from creating and offering any proprietary development or service offering that is derived from, incorporates, or relies upon, the Fannie Mae Data (“Derived Product") for external commercial purposes provided, however, that End User may disclose insubstantial amount of Fannie Mae Data or rely upon Derived Products in support of such End Users' own external services or products in a manner that does not (i) commercially compete with the Fannie’s <Awes licensing of the Fannie Mae Data or (ii) vitiate the purpose of Section 1(c) above. Any competing external commercial redistribution or services by an End User would instead be subject either (i) to the terms and conditions of a licensing agreement as executed by and between End User and Fannie Mae, and payment of a license fee by End User to Fannie Mae, or (ii) to a specific written sub-distribution agreement between Trepp and Fannie Mae amending to that end the terms and conditions of Trepp’s agreement with Fannie Mae for the licensing of the Fannie Mae Data.

Pass Through Provisions

(a) THE FANNIE MAE DATA AND ANY CONTENT, INFORMATION, DOCUMENTATION OR FUNCTIONALITY PROVIDED IN CONNECTION THEREWITH BY FANNIE MAE HEREUNDER, AND UPDATES THERETO AS RELEASED FROM TIME TO TIME BY FANNIE MAE (“CONTENT”). CONTENTS ARE SUBJECT TO CHANGE WITHOUT NOTICE. FANNIE MAE EXPRESSLY DISCLAIMS ANY OBLIGATION TO KEEP CONTENTS UP TO DATE OR FREE OF ERRORS OR VIRUSES, OR TO MAINTAIN UNINTERRUPTED ACCESS TO THE CONTENTS. THE CONTENTS ARE PROVIDED "AS IS." FANNIE MAE ASSUMES NO RESPONSIBILITY FOR ERRORS OR OMISSIONS IN ANY CONTENTS. USE OF THE CONTENTS IS AT END USER’S SOLE RISK. FANNIE MAE DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES RELATED TO THE USE OF THE CONTENTS. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, MERCHANTABILITY, SUITABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE.

(b) Neither Fannie Mae nor any officer, director, employee, agent, subcontractor, successor or assign of Fannie Mae, will be liable to End User her party for loss, injury, claim, liability, damage or expense of any kind arising out of or resulting in any way from use of the Content, including, without limitation, (a) errors or omissions in, or interruptions or corruption in provision of, the Contents, (b) use of the Contents by End User or any third party, or (c) the Contents. FANNIE MAE SHALL NOT BE LIABLE FOR ANY ERRORS CONTAINED IN THE CONTENTS OR FOR ANY DAMAGES WHATSOEVER ARISING OUT OF OR RELATED TO THE USE OF THE CONTENTS. FANNIE MAE SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, WHETHER UNDER A CONTRACT, TORT, OR ANY OTHER THEORY OF LIABILITY, EVEN IF FANNIE MAE IS AWARE OF THE POSSIBILITY OF SUCH ERRORS OR DAMAGES.

(c) Access to the Content may be terminated immediately without notice in the event of any violation of any provisions of Section 1 above.

(d) Sections 1 and 3(b) above will not apply to the licensing and offering by End User of Derived Products that do not include and cannot be used to derive or recreate any of the Fannie Mae Data or identify any specific individual as prohibited by Section 1 above.

The Fitch Credit Ratings ("Fitch Data") are owned by or licensed to Fitch Solutions, Inc. ("Fitch"), and contains the valuable copyrighted and proprietary material of Fitch or its affiliates and licensors and you agree not to use the Fitch Data or any part thereof for any purpose not expressly granted by TREPP.

reverse-engineer, decompile, translate, dissemble or separate the components of the Fitch Data; or

sublicense, rent, sell, lease or otherwise repackage or redistribute the Fitch Data, or any part thereof; or

use the Fitch Data or any part thereof for third-party training, commercial time-sharing or in the operation of a service bureau; or

create any work or product, derived in whole or in part from the Fitch Data, without receiving the prior written consent of Fitch.

Notwithstanding the above, you may, as part of an in the ordinary course of your business, redistribute (orally, in writing or by electronic means) reports, presentations, graphs and other publications (Materials) that include limited excepts of the Fitch Data without Fitch's prior written consent, provided, however that:

such excerpts are only supportive and incidental to the substance of the Materials;

you shall be liable for any such redistribution of the Fitch Data; and

you agree not to use the limited right to redistribute the Materials granted hereunder either (a) on a recurrent basis or (b) to develop for sales and/or redistribution or otherwise a product or service that competes with any Fitch product, or (c) in connection with a prospectus or other offering document or document required to be files pursuant to the securities laws of any jurisdiction.

In the event that you make use of such materials as permitted above, you shall always in the Materials acknowledge Fitch as the source of the excerpts. In instances where the actual ratings or other datapoints are being shown as part of the Material, there can be no more than fifty (50) ratings or other datapoints presented in any particular business application, report, presentation, graph or other written publication.

As used above, limited excepts of the Fitch Data:

shall have no independent commercial value; and

may not be used by the recipient as a substitute for the Fitch Data; and

are not regularly or systematically updated; and

are not separately marketed.

Although the Fitch Data is based upon information obtained from sources Fitch believes in good faith to be reliable, you acknowledge that Fitch does not represent, warrant or guarantee the accuracy, correctness, integrity, completeness or timeliness of any part of the Fitch Data and expressly acknowledge Fitch's disclaimer that Fitch does not audit or verify the accuracy of the information provided to it by any third party, including without limitation issuers, their representatives, accountants and legal advisors and others. Notwithstanding the foregoing, Fitch represents and warrants that it complies with all laws and regulations necessary for the legal operation of its business; and without limiting the foregoing, the Fitch Data was assembled, collected and stored by Fitch in accordance with all applicable laws.

Fitch also does not represent, warrant or guarantee the design or performance of any part of the Fitch Data or that the Fitch Data will fulfill any of your particular purposes or needs.

Fitch does not recommend the purchase or sales of financial products or securities and does not give investment advice or provide any legal, auditing, accounting, appraisal or actuarial services. A rating is not an opinion as to the value of securities. Some products included in the Fitch Data may include mathematically or non-mathematically derived theoretical approximations of value for certain securities. Fitch makes no representations or warranty that such evaluations are error-free, that input data supplied to or by Fitch for use in its evaluations or the software or methodologies used by Fitch are complete or free from errors, omissions, or defects, or that approximations of value generated by its models and evaluation methodologies necessarily correspond to the actual traded price which could be obtained on any given day for any particular security. Users of the Fitch Data assume all responsibility for verification of and the appropriateness of the use of evaluations. Some products included in the Fitch Data may include opinions relating to the liquidity or other attributes of financial products or securities. Fitch makes no representation or warranty as to the accuracy, correctness, integrity, completeness or timeliness of any such opinions. Fitch is not responsible for any credit, loan or investment decisions, damages or other losses resulting from the reliance upon or use of the Fitch Data.

Fitch shall not be responsible for any discrepancies that may exist between any Fitch Data send directly to TREPP by Fitch and corresponding data contained in the Fitch's database after the time such Fitch Data was sent to TREPP.

THE FITCH DATA IS PROVIDED “AS IS” AND ALL FAULTS AND THE ENTIRE RISK AS TO SATISFACTORY QUALITY, PERFORMANCE, ACCURACY AND EFFORT IS WITH YOU. FITCH DISCLAIMS ALL OTHER WARRANTIES OR CONDITIONS, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. FITCH SPECIFICALLY DISCLAIMS ANY WARRANTY OR REPRESENTATION THAT THE FITCH DATA WILL MEET YOUR REQUIREMENTS, THAT THE OPERATION OR USE OF FITCH DATA AND/OR ANY FITCH WEBSITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT ANY DEFECTS IN THE FITCH DATA WILL BE CORRECTABLE OR CORRECTED, OR THAT FITCH DATA IS COMPATIBLE WITH ANY PARTICULAR PLATFORM